Adoptive expectations: Rising sons in Japanese family firms

• 成果类型: Article
• 署名作者: Mehrotra, Vikas; Morck, Randall; Shim, Jungwook; Wiwattanakantang, Yupana
• 署名单位: University of Alberta; National Bureau of Economic Research; Kyoto Sangyo University; National University of Singapore
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2013.01.011
• 发表日期: 2013
• 页码: 840-854
• 关键词: Adoptions; corporate governance; family business; Inherited ability; JAPAN; succession

摘要

We find inherited family firms more important in postwar Japan than generally realized, and also performing well on average. Non-consanguineous heir-run firms outperform blood heirs' firms, and roughly match founder-run listed firms, while blood heirs surpass professional managers at running family firms. Further, succession events suggest that adopted heirs cause elevated performance. We suggest that heir-run firms do well because non-consanguineous heirs displace the least talented blood heirs, the non-consanguineous heir job motivates professional managers, and the threat of displacement encourages blood heirs' effort and human capital accumulation, mitigating the Carnegie conjecture that inherited wealth deadens talent. (C) 2013 Elsevier B.V. All rights reserved.